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NZD/USD Classical 03.28

NZD/USD Classical 03.28

2011-03-28 05:33:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 03.28

NZD/USD:The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into current rallies, with a fresh lower top now ideally sought out below 0.7550 on a close basis. A break and close back below 0.7485 confirms, while only a daily close back above 0.7550 delays.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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